Where and in what? Residential? Commercial? Rental income, capital gain, short term/long term? Other?
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Where and in what? Residential? Commercial? Rental income, capital gain, short term/long term? Other?
Motor City Casino!
I'd make some improvements to my house. That way it will be easier to rent when I move to the east coast next year. Smell ya later, suckers.
I'd open up a bunch of computer labs and rec centers. That's just me personally, carry on.
I invested 65 years of my life in Detroit. I know I've paid at least $250K in taxes since I started working in 1966. I have also invested enough time posting on this forum. I left Detroit and Michigan last year so now I need to focus on where I am living now. Therefore DetroitYes family & friends this is my last post. Some of you will probably be happy and some not so much either way Adios, Sayonara, Au Revoir, Arrivederci, Auf Wiedersehen, Later....It's been real...Peace...MTM
In my pocket! :cool:
Snarky answers:
Strippers
Moving Vans
Buy seven blocks
invest in wind power/wind farm or hydro in the detroit river.
everyone needs electricity.
MidTownMs, I shall miss you... do come back for at least a howdy from time to time...
As for Todd's original question... here's how I would invest it...
St. John Hospital is the far east side [[as far east as you can go in Detroit before the Grosse Pointes and Harper Woods) I would invest in some of those duplexes that are all along Moross [[widest boulevard in Detroit)... especially near St. John [[which fronts onto Moross).
Some of those duplex bungalows have sold for $15K or less in the last few years... and they are all still in relatively good condition. I think that these properties along Moross will stay nice, especially since St. John has their main campus here, and has spent nearly 1/4 billion over the last 15 years. So if the street were to look too shabby... St. John may very likely invest in some of these properties, thus making investments of some of these duplexes seem rather safe, especially at such a low price. St. John will NOT want people coming to their main campus to be afraid of the look of the neighborhood [[especially Moross).
However... and this is VERY IMPORTANT... stay to the area between I-94 and Mack [[as close to the hospital as possible). Going north of I-94 is much more risky.
Of course... the houses on the I-94 to Mack stretch of Moross will be more expensive to begin with... even though the duplexes are identical to those north of I-94.
But Moross along it's entire stretch from Kelly Rd. to Mack Ave. has duplexes along most of the roadway.
10K into my home, 40K to near neighbors, 150K to Detroit Eviction Defense fund and 40K TO Capcorp and 10K to Georgia Street Gardens.
150K to Detroit Eviction Defense fund
Good idea.
Like poobert I would invest in my home except I'm staying!! I'd invest in my business and my Mom's home and develop a program to cut, replant and maintain all of the vacant lots in my neighborhood.
I would try to grab up as much land as I could in North Corktown. Anything between Roas Parks and Trumbell, S of MLK.
I'd run for office. After changing my name of course.
I would try to buy up some property in the Brush Park neighborhood
I would buy cheaper houses [[under $75-$90k) in Green Acres. Rent them out for a few years and if the prices go up in the future consider selling them.
$25k - http://www.zillow.com/homedetails/20...88621096_zpid/
$75k - http://www.zillow.com/homedetails/20...88626813_zpid/
$80k - http://www.zillow.com/homedetails/20...88403344_zpid/
[[Use the remaining $70k for renovations and to snatch up another cheap house if one should come on the market.)
We are staying too. My block is amazing. Lots of vacant land but neighbors mow and maintain. Detroit is block by block. I guess our 100 plus years old homes are shabby gentile but my neighborhood has so much charm. My neighbors the bestQuote:
Originally Posted by getmoore
There's a saying in Detroit's historic districts, "You come for the architecture and you stay for the neighbors."Quote:
Originally Posted by sumas
How charming! So true!Quote:
Originally Posted by Neilr
Gistok, you're on to something here. And I think that Far East side neighborhood by Balduck Park is going to be the next neighborhood to stabilize.Quote:
Originally Posted by Gistok
"Group Has Big Plans to Beautify Detroit Heading into Grosse Pointes"
http://www.freep.com/article/2013072...rstone-Village
Real Life: Buy more rental properties
Fantasy World: Buy one of those city owned firehouses [[the one on Grand River [[?) had a really nice size lot, renovate it and convert it into some kind of banquet hall space.
I know when I and others where looking for places to get married, nice venues such as hotels were super expensive, scenic venues [[belle isle, etc) were really hard logistically and it was hard to work with the city, and I really havent seen a nice hall in the city. Some venues were nice but had too many rules.
It would be an affordable space, that was flexible to handle whatever type of party you wanted. I dont know anything about liquor licensing so I guess we would have to work around that.
The lot would have a garden area for strolling dinners, etc. There would be ample parking and plenty of lighting, outdoor seating and places to dance.
There would be a kitchen for those who want to cook the food themselves.
I remember going down south and one of our family members had this huge backyard with outdoor seating, gardens, etc and the party was so awesome. The older and snooty people had their area, the younger crowed their area, the rowdy ones somehow ended up in a corner they couldnt tear up [[lol) and people like myself moved throughout the crowds. I dont think anyone went left until the sun came back up.
Anyway, replicating that atmosphere for parties would be my 'guity pleasure' choice.
Good fantasy! Real life - what areas would you buy more rentals?Quote:
Originally Posted by 48205to24
Cant tell all the secrets
But detroit has several pockets of stable areas that border the trendy or popular areas . I believe if you can get a bulk of houses [[5 or more) in that same area, you can positively affect the area by bringing in good tenants and possibly connecting that area to the established neighborhoods.
East side: stable areas bordered by st.john, harper woods and grosse pointe
midtown: stable areas between wsu and new center
West: far west areas bordering university district etc.
People are afraid of rental houses in Detroit and 'Detroit' tenants, with good reason. Houses in outlying areas are cheaper and easier to get because most investors avoid them.
$250,000 would go a long way.
Someone got the Woodbridge Star Bed and Breakfast for $201,000, I like that investment as well $25,000 reserve for renovations, a few thousand for marketing and promotions, and money for taxes and reserves.
I wonder can you live in the bed and breakfast in Detroit. I have been to some out of town where the inn keepers actually live there. I dont know if I could forego privacy for the savings, but its a good deal for those who can.
Forgot to put the link to the Curbed Detroit [[one of my favorite websites) regarding the Woodbridge Star
http://detroit.curbed.com/archives/2...ust-201000.php
If one is acquiring for rentals they could set them up ADA compliant,niche rentals with demand and less headaches.
Aside from that I would put it all in DWSD bonds for 5 years,really in the realm of returns $250k is not that much to be investing short term.
Short term,buy and flip in the points or Corktown,Mid town or any place that has an established community group.